Common use of Status of Note Clause in Contracts

Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness and equity of the Company, per the Security Agreement. The obligations of the Maker under this Note shall rank pari passu with the amounts under the Additional Notes. Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker or any class of capital stock of the Maker, an amount equal to the outstanding Principal Amount, Interest and any other sums due. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness and equity of the Company, per other than the First Tranche Note, when issued, to the extent of the first lien security interest in the collateral pursuant to the Security Agreement. The obligations Agreement and Deed of the Maker under this Note shall rank pari passu with the amounts under the Additional NotesTrust. Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker or any class of capital stock of the Maker, an amount equal to the outstanding Principal AmountPrincipal, Interest and any other sums due. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness and equity of the Company, per other than the Additional Note when issued, to the extent of the first lien security interest in the collateral pursuant to the Security Agreement. The obligations of the Maker under this Note shall rank pari passu with the amounts under the Additional Notes. Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker or any class of capital stock shares of the Maker, an amount equal to the outstanding Principal AmountPrincipal, Interest and any other sums due. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

Status of Note. The obligations of the Maker under this Term Note shall rank senior junior to all other existing Indebtedness and equity of the Company, per Company and Indebtedness owing pursuant to the Security Agreement. The obligations of the Maker under this Note shall rank pari passu with the amounts under the Additional Notesexisting Asset-Based Facility. Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker or any class of capital stock shares of the Maker, an amount equal to the outstanding sum of the Outstanding Principal Amount, plus any accrued Interest and any other sums dueor fees pursuant the this Term Note or the Purchase Agreement. For purposes of this Term Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness and equity of the Company, per other than the Additional Note when issued, to the extent of the first lien security interest in the collateral pursuant to the Security Agreement. The obligations Agreement and Deed of the Maker under this Note shall rank pari passu with the amounts under the Additional NotesTrust. Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker or any class of capital stock of the Maker, an amount equal to the outstanding Principal AmountPrincipal, Interest and any other sums due. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.